Natural Gas had a 9.13% pullback that came after the commodity reached a seven-month high. The price found support at 2.901 and started a recovery that has the pair up 6.7% up from that level.
The Bollinger bands are opening and moving up, indicating that the uptrend is likely to continue for the medium term. The price is closer to the upper band but not yet considered high. As the bands continue to move up, the price will have more room to continue climbing.
The relative strength index is currently at 61%, enabling the price to continue the uptrend. Once the RSI gets to 70%, we will most likely see another pullback.
Our parabolic SAR indicator strengthens our other technical indicators and suggests an uptrend. Price continues trading above the short and long-term moving averages.
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